亏损后投资者风险偏好的变化——基于“原油宝”事件的检验

Changes in Investor Risk Appetite after Loss——Based on the Inspection of the“Oil Treasure”Incident

对投资者风险偏好是否内生不变的理论之谜,本文利用国原油宝事件,根据真实的交易数据,分析投资者在损失后风险偏好的变化情况。研究发现,在经历损失后,投资者的风险偏好不易发生改变。尽管亏损数额越大,越易变为风险规避,但是该变化还受到两个因素的影响,一是家庭整体受冲击程度在一定程度上减弱这种变化,二是较强风险认知水平会加强此种变化。这揭示出:在金融市场中,要完全绝对意义上做到买者责任自负,不符合投资者的行为金融本性。为维持金融稳定,应对产品供给进行监管,而不单是强调买者责任自负。

Based on the“Oil Treasure”incident in China and the real transaction data,this paper analyzes the changes in investors’risk appetite after loss.The empirical research based on the data shows that investors’risk appetite is not easy to change after experiencing loss.Although the greater the amount of loss,the easier it is to become risk aversion,this change is impacted by two factors:one is that the overall impact on the household will weaken this change to a certain ex-tent,and the other is that the level of risk awareness will strengthen this change.This reveals that in the financial market,the buyers being responsible for himself in an absolute sense does not conform to the nature of investors’behavioral finance.